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ECB calls for common EU approach on debt write-offs

The EU law sets out how creditors such as senior bondholders of a bank should take a hit to shore up the bank and thus shield taxpayers; ECB will not be bound by any national rule

Wed, Sep 09, 2015 - 5:50 AM

Frankfurt

THE European Central Bank called on Tuesday for a common approach in the European Union to writing off bank debt, to make it easier to shore up failing international lenders without having to call on taxpayers.